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The Ministry of Finance on Monday dismissed rumours regarding imposition of fees on expatriate remittance, according to reports from the Saudi Press Agency. The statement was issued in response to several “baseless and unfounded” reports circulating through the media.   The ministry emphasised that free movement of capital through official channels in accordance with international […]

Custodian of the Two Holy Mosques King Salman was presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA) on Wednesday in the presence of Minister of Finance Al-Jadaan, SAMA Governer Dr.Ahmed Al-Khulaifi and the governor’s deputies during a reception at Al-Salam Palace.   The report, which examines the economic and financial […]

Saudi Arabia’s Public Investment Fund (PIF) has named an advisory board consisting of 11 business minds and experts from across the globe that will provide strategic guidance to the development of Kingdom’s Future Investment Initiative (FII). Advisory board members include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaesar, the president and chief executive […]

Saudi Arabia’s $500 billion mega-city projects, NEOM, has appointed Aradhana Khowala as its Managing Director of Tourism. Khowala, CEO and founder of hospitality and tourism consulting firm Aptamind and a Global Advisory Board Member of the World Tourism Forum, Lucerne is a global authority on the travel, tourism and hospitality industry and was awarded the […]

Saudi Arabia’s Public Investment Fund (PIF) is involved in negotiation talks with Tesla challenger Lucid Motors over a $1 billion investment, revealing the Kingdom’s interest to invest in electric car makers. PIF and Lucid Motors, an electric car start-up run by battery company Ateiva, have drawn up a term sheet under which PIF could invest […]

The International Monetary Fund (IMF) applauded the Saudi government for the progress made till date in pursuing its reform agenda and emphasised that stronger oil price should not slow momentum. A senior official at the Washington based company said that the Saudi Arabian economy is moving ahead with economic reforms and growth in its non-oil […]

Saudi Arabia’s budget deficit fell by 84 percent to 7.4 billion riyals in the second quarter of 2018, according to figures from the Ministry of Finance. During the second quarter, revenues increased by more than two thirds to reach SR273.588 billion, indicating an improvement in economic activity. In contrast to the previous year, oil revenues […]

The Saudi Electricity Company (SEC) announced plans to launch the Tayseer program to residential subscribers whose monthly bills range from SR300 to SR3,000, in a move to provide customers with easier payment options. This year, the program will cover the period from July to December and provide subscribers with the option to pay average monthly […]

The Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP) named Steve Wozniak, co-founder of Apple, as the ambassador of “Saudi Tech Hub”. Saud Bin Abdulla Al-Qahtani, the head of the federation and an advisor to the Royal Court, said that the appointment of Wozniak reflects the federation’s desire to work with the best minds in […]

Saudi Arabia’s Ministry of Finance signed financing agreements to fund 17 health, education and hospitality projects in the Kingdom with loans amounting to SR755.8 million. Through these agreements, the government plans to attract the private sector to participate in the comprehensive development of the country and invest more in service projects, in accordance with the […]